Community First Credit Union Honeymoon Home Loan

Features

The Community First Credit Union Honeymoon home loan is aimed at customers who want to get a foot on the property ladder.

After your introductory period is over, your loan will revert to the credit union’s standard variable rate for the remainder of your loan. Much like other bank’s standard variable products, this rate is not competitive.

The Community First Honeymoon home Loan lets you make additional repayments however this is limited in the first year when you are paying the discounted rate.  You can also choose from weekly, fortnightly or monthly repayments.

The loan includes a 100 per cent offset account to help you reduce the amount of interest you pay and a redraw facility to access additional repayments should you need to.

Community First will let you borrow up to 95 per cent of the property value however you will need to pay lenders mortgage insurance if your deposit is less than 20 per cent. 

Fees

You can expect to pay high upfront fees to establish the Honeymoon Home Loan, as well as a discharge fee at the end of your loan term. There is also a fee for using the redraw facility.

The good news is that you won't pay any ongoing bank fees for the life of the loan. 

Review - What RateCity says

While the Community First Credit Union Honeymoon Home Loan may attract your attention with their very low discounted interest rate, it is worth investigating the fine print on this loan thoroughly to make sure it’s the right product for you and that you can afford to make the higher repayments when they kick in after a year.

As with any honeymoon home loan, you should approach it with caution to make sure you are getting a good deal over the entire life of the loan.

Community First Credit Union Honeymoon Home Loan Options

Follow the below link to find out more about the Community First Credit Union Honeymoon Home Loan.

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Variable Rates from

3.45%

Advertised rate

4.19%

Comparison rate
Pros
  • No ongoing fees.
  • 100 per cent offset account.
  • Redraw facility.
Cons
  • Reverts to a higher interest rate after one year.
  • High upfront fees.
  • Discharge fees.
Eligibility

Have a clean five year credit history.

Been with your employer for more than three months.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $990.00
  • Discharge fees: $300
  • Ongoing fees: $0

You can expect to pay high upfront fees to establish the Honeymoon Home Loan, as well as a discharge fee at the end of your loan term. There is also a fee for using the redraw facility. The good news is that you won't pay any ongoing bank fees for the life of the loan. 

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Community First Credit Union

Community First Credit Union is a member-owned financial institution that puts profits back into the people. It was established in 1959 and has nearly 80,000 customers throughout Sydney and the Central Coast of NSW. Members outside of these areas can still access Community First Credit Union services via an Australia-wide ATM network and mobile, internet and phone banking.

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